Crop consultant Dr. Michael Cordonnier left his South American soybean crop estimates unchanged at 90 MMT for Brazil and 55 MMT for Argentina this week. He says both of these estimates are above USDA’s November crop pegs of 88 MMT for Brazil and 53.5 MMT for Argentina. Regarding Brazilian production, he says, “At this lofty production level I have a neutral bias going forward. I have already plugged in a hefty increase in soybean acreage, a significant amount of safrinha soybeans (maybe as much as one million hectares), as well as good weather and good yields, so there are a lot of positives already in this estimate.”
2013-14 | Dr. Cordonnier | USDA September | USDA November |
in million metric tons | |||
Brazil corn | 68.5 | 72.0 | 70.0 |
Argentine corn | 25.0 | 26.0 | 26.0 |
Brazil beans | 90.0 | 88.0 | 88.0 |
Argentine beans | 55.0 | 53.5 | 53.5 |
Dr. Cordonnier also left his South American corn estimates unchanged from last week, which are below USDA’s current estimates.
